Solana (SOL) recently flipped BNB to become the fourth-largest cryptocurrency by market cap. This has resulted in a surge in trading volume on the blockchain known for its speed and low fees.
According to data from Defillama, solana’s daily trading volume hit $7 billion on November 13 with its weekly volume hitting a staggering $30 billion. This represented a 123% increase in its week-on-week volume. The upsurge in activity is closely correlated with the rise in popularity of Solana-based meme coins, which have seen significant price gains in recent weeks.
Raydium, one of the largest decentralized exchange (dex) platforms on Solana contributed significantly to the trading volume, accounting for 62% of the total trading volume. Raydium recorded a daily trading volume of $4.407 billion and a weekly volume of $19.65 billion. Orca was the next significant contributor with 22% of the total trading volume, amounting to $1.61 billion daily trading volume and $6.51 billion weekly volume.
Similarly, SOL’s price has been on an upward trajectory, mirroring the increase in trading volume. Over the past week, SOL’s price has registered a 33% increase. This bullish sentiment is further supported by the increasing volume and the overall positive market sentiment surrounding crypto at the moment.
The swift rise in trading volume on Solana can also be attributed to recent meme coins such as Peanut the Squirrel (PNUT) which became the fastest meme coin to reach $1 billion and got listed on Binance.
Solana’s low transaction fees and fast blockchain have provided a suitable platform for the high-speed, high-volume transactions associated with meme coins.
